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Australian company introduces mobile payment system

July 6, 2012

All over the world, companies are coming out with mobile credit card terminals to help merchants accept payments through smarthphones.

All over the world, companies are coming out with mobile credit card terminals to help merchants accept payments through smarthphones.

Sky News reports Australia-based FlexiGroup introduced Payments OntheGo in an effort to replace the current system. The product works by plugging a swiping device into a smartphone and allows consumers to swipe as if it were a traditional cash register. The firm believes that the mobile method is likely to gain popularity over the next few months and assist the 2.7 million small businesses that are in the country.

“There’s probably a market potential of probably a quarter of a million devices – it’s very hard to estimate, given that this is new technology into a new market,”  said FelxiGroup’s head of ecommerce Andrew Pipolo.

In the United States, the growth of the mobile payment sector has raised some concerns about security. The Federal Reserve Board of Governor’s associate general counsel Stephanie Martin recently told a congressional panel that laws needed to be updated to regulate the industry.

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